MORENO VALLEY, CA-A partnership of private investors managed by RevereInvestments LLC of Cerritos and Seaview Ventures LLC of Larkspur has acquired the 118-unit North Woods apartment complex and the 20-unit Las Casitas complex from a San Diego-based private individual for more than $10.1 million in Revere’s first venture into the Inland Empire multifamily market. Revere partner David Jankowski says the acquisitions are part of the company’s strategy of building a portfolio in the Inland Empire, which is one of the nation’sstrongest multifamily markets. Another Revere principal, Mark Chalfin, tells that these are the first units that the company has acquired in what the company plans as an expansion into the Inland Empire. “Our strategy to targetthat region is based on the increased population and employment growth, a housing shortage of 20,000 units annually and rising single family housing costs,” Chalfin says. The Inland Empire units are part of a Revere portfolio of 600 units that the firm has acquired in the past 18 months at a total cost of approximately $50 million.Chalfin says Revere is “looking to significantly add” to its holdings in the Inland Empire. On the North Woods property, he says, the company’s strategy will be to provide cosmetic improvements to the common areas and unit interiors in order to raise rents by 10% to 15%. The Revere Inland Empire acquisitions were brokered by Paul Runkle of Hendricks Partners, who represented both sides in the transaction. The North Woods apartment complex is located at 23925 Eucalyptus Ave. and was built in 1986. The property consists of 27 buildings that include 51 two-bedroom, one and one-half bath units of 951 sf each and 32 one bedroom and one-bath units measuring 686 sf each, and 15 studio units measuring 450 sf. The property occupies approximately 6.6 acres, which Revere notes is a lower density (14.6 units per acre) than its competing properties (typically 25 units per acre). North Woods’ amenities include private, enclosed patio areas, in-unit fireplaces, laundry facilities, a swimming pool; garages and covered parking and storage units. Rents currently average $792 per unit, or approximately 11% below the estimated average market rent of $886. The property was 100% occupied at the time of the sale. Las Casitas Apartments, located at 24885-24919 Eucalyptus Ave., contains 20 units in 14 single-story buildings. The gated apartment community was completed in 1964 and consists of two three-bedroom, one-bath units of 1,036 sf each, 16 two-bedroom, one-bath units ranging from 650 to 775 sf, and two one-bedroom, one-bath units of 470 sf. Amenities include garages and private patios and yards. Las Casitas’ current average in-place rent of $750 per unit per month is approximately 17% below the estimated average market rent of $900. The property was 90% occupied at the time of the sale.

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